Morning bid: Fragile FX, tech swoon cloud sentiment
Asian markets on Monday will be hoping to bounce back from one of the most bruising weeks this year, but that won't be easy given the hawkish tone of recent Fed comments, heightened Middle East tensions and deepening weakness in tech stocks.equity index fell 3.7% last week to a two-month low. That was the biggest weekly decline since August, with rising U.S. bond yields, a strong dollar and wobbly global stock markets taking their toll.
Indonesia's central bank on Friday intervened in the FX market"more boldly to maintain market confidence" as the rupiah weakened, while India's rupee was lifted from a record low on Friday by likely intervention from the central bank. The latest positioning data from U.S. futures markets showed hedge funds and speculators increased their aggregate net short yen position in the latest week to a new 17-year high.
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